🚨Big day for crypto regulation 🚨
The SEC granted @doublezero's no action letter request covering the Programmatic Distributions of 2Z tokens, which clarifies that these token distributions do not amount to securities transactions.
This represents a major milestone in the SEC’s regulation of crypto and provides a path for other projects to compliantly distribute network tokens in the US.
First, what is a “no action letter”? The NAL is a statement by the Division of Corporation Finance that, on the specific facts presented, the staff would not recommend enforcement. It’s not a rule, safe harbor, or Commission vote—and it applies only to the described activity.
DoubleZero’s NAL is the first granted by the SEC to a crypto project since 2020 and, given DoubleZero’s clear use case, the most significant crypto NAL to date because it provides a framework that other projects can follow.
The 2Z token, which launches later this week, is a Solana SPL token that incentivizes distributed actors to contribute to DoubleZero high-performance network.
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